Making Tax Digital – choosing the right software for you and your business

As Making Tax Digital (MTD) draws ever closer, more software providers are engaging with HMRC to test their software for functional compliance with MTD. HMRC have recently published a list of suppliers who are currently working on pilot schemes for the digitalisation of tax recording systems.

You can view the list of software providers, by following this link: https://www.gov.uk/government/publications/software-suppliers-supporting-making-tax-digital-for-vat/software-suppliers-supporting-making-tax-digital-for-vat.

Whilst this list continues to grow, it is an important reminder that we should not become complacent. Just because a business is using some form of accounting software, does not mean that it will be MTD compliant.

All businesses, over the coming months will need to assess their current record-keeping methods to ensure that they are meeting the requirements of HMRC’s MTD initiative. Should you find that your current software package is not on this list, you may need to consider adjusting your future arrangements.

This may be a convenient opportunity to review your current record keeping procedure, to establish if it is best suited to your business going forward. We are in discussions with a variety of software providers and are involved in Beta testing for MTD so are best placed to advise you on this matter and can make recommendations for improvements.

If you would like to discuss your accounting software and/or processes to ensure your MTD compliance then do not hesitate to contact us. We have a dedicated EQ Accounting team, who can offer expertise and support on your transition to Making Tax Digital.

To find out more about how our EQ Accounting team can help your business, please email info@eqaccounting.co.uk or call our offices on the numbers below.

Dundee – 01382 312140 / Forfar – 01307 474274.